If we couldn't convince Downing to play for us I think we should all give up hope.
On a serious basis though, I agree with Spidey & Bunny.
There seems to be this myth that money spent by opposition clubs equals improvement when it patently isn't always the case - Berbatov, Shevchenko, etc, then there becomes a danger we panic and underestimate our own ability. I'm sure last summer people had concerns about Villa and Spurs breaking into the top four, for instance.
Arsenal will be stronger next year because it's unlikely they'll suffer another severe injury list, but we're still better than them. City are a slight concern but there's no need to worry just yet. Chelsea could go either way but they'll be right in the mix till the end. United will be favourites.
Not much change really.
Providing Torres is fit all year, Xabi stays, and our big-spend transfer is successful then we're in with a very real shout of the title.